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Executive Agrees to Pay $83K in Insider Trading Case

A former executive with San Diego-based Provide Commerce Inc., parent of Proflowers.com, has agreed to pay more than $83,000 in fines and other penalties resulting from a company stock sale using insider information, the Securities and Exchange Commission said May 20.

According to a complaint filed with the federal court in San Diego, Gordon C. Bigler of La Jolla, former director of corporate finance and investor relations at Provide Commerce, used inside information to buy 4,500 shares in the company.

On Nov. 15, 2005, Bigler learned his company would be acquired for $33 per share by Liberty Media in an e-mail sent by Provide Commerce’s chief financial officer.

Within an hour Bigler purchased his shares. The day after the news was publicly announced, Provide Commerce’s share price increased more than 10.5 percent, the SEC said.

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Shortly thereafter, Bigler sold his shares, making $41,622 in profits.

Bigler settled the complaint without admitting or denying the allegations, and agreed to repay the $41,622. He also agreed to pay a civil penalty of $41,622, the SEC said.

The settlement must be approved by a federal judge, the SEC said.

, Mike Allen

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